Various Careers in Accounting

Those wishing to pursue a career in accounting have many career options to choose from including forensic, management, government, and public accounting types. This research paper evaluates the two career options in accounting that an individual can pursue, including financial accounting and public accounting.

Audit

The editor’s job is to verify the accuracy and compliance of the client’s financial documents requiring services with established rules and regulations. The auditor’s work may also include a deeper evaluation of the client’s accounting policies and procedures, and a detailed review of the information technology (IT) systems used to store and maintain accounting information.

Auditors may be internal or external, but their work is almost similar in terms of the workload and the outcome generated. External auditors mostly work for publicly owned accountancy firms that are contracted by outside firms to perform audits whereas internal auditors are employees of a business tasked with developing similar reports. Other auditors may engage private practice if they prefer working as independents (“Accountants and Auditors: Occupational Outlook Handbook:: U.S. Bureau of Labor Statistics”, 2017).

The main task of an auditor is to determine the firm’s risk potential and propose measures to guard against the identified risks. In consultancy positions, their role is to provide an objective overview and provide an informed opinion on how to improve current procedures and practices to improve efficiency, risk management, and compliance.

Financial Accounting

In financial accounting, the professionals involved are tasked with reporting the financial status of a company to the public. There are four major career specializations in financial accounting; financial analyst, financial accountant, controller, and financial manager. Their work involves data collection and maintenance, detection of trends, and estimation of future financial needs. Additionally, financial accountants prepare detailed financial statements and analyze company data for the management and other users to understand. The accountants have a duty to help with the company’s investment decisions and the improvement of the firm’s general financial practices and procedures. Financial accountants work with other stakeholders with the business, especially managers, to determine current financial and performance trends and forecast future financial needs of the business. The major responsibilities of a financial accountant include maintaining financial records, helping with filing tax returns in accordance with the set rules and regulations, preparation of financial statements, collection, analysis and reporting on financial information, and helping with the creation of budgets and auditing tasks (”Accountants and Auditors: Occupational Outlook Handbook: : U.S. Bureau of Labor Statistics”, 2017).

Researched Accounting Position (Accounting Clerk)

Accountant clerks perform a range of activities to support accountants and other bookkeepers with maintaining financial records. The accountant clerks are responsible for maintaining complete and detailed financial records for the company and other businesses in the accounting departments in various organizational settings, be it parastatals, banks, and accounting firms among others.

The typical day of an accountant clerk would involve recording revenue receipts and expenses, handling tax liabilities and payroll expenditures. Additionally, the clerks may perform other responsibilities such as developing accounting databases, checking for information accuracy in the financial statements, generating income statements, handling payroll, and making purchases and developing invoices. Clerks who work in busy accounting firms can handle tasks that relate to accounting indirectly or attend to general customer service customer service (”AICPA - The American Institute of CPAs,” 2017).

Proficiency in mathematics and familiarity with accounting procedures are the basic requirements to capture accounting clerk positions. Other necessary skills include computer literacy, good communication skills, time management, attention to specifics, and interpersonal skills. Academic qualifications include holding a high school diploma or a bachelor’s degree in accounting or related fields.

References

Accountants and Auditors: Occupational Outlook Handbook:: U.S. Bureau of Labor Statistics. (2017). Bls.gov. Retrieved 7 February 2017, from https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm

AICPA - The American Institute of CPAs. (2017). Aicpa.org. Retrieved 7 February 2017, from http://www.aicpa.org/Pages/default.aspx